ISLAMABAD: The federal authorities have released notification of implementation of new tax regulations under the Finance Act 2019, ARY News reported on Friday.
A new slab of excise duties on imported and locally manufactured vehicles also released by the Federal Board of Revenue (FBR) here today.
According to the notification, 2.5 per cent duty was imposed on imported vehicle of 1000cc, 5 per cent on 1001-1799cc, 25 pc on vehicles up to 3000cc and 30 pc on vehicles of having engine power more than 3001cc.
No duties were imposed on imports of imported or locally manufactured auto-rickshaw (three-wheeler car).
Read More: Senate committee approves increase in import duty on vehicles
Moreover, 5 per cent duty has been imposed on locally manufactured 1001-2000 vehicle and 7.5 per cent on the vehicle above 2001cc.
Earlier in September 2018, Senate Standing Committee on Finance, Revenue and Economic Affairs had discussed the amendments in Customs Act 1969, Sales Tax Act 1990, Income Tax Ordinance 2001, Federal Excise Tax 2005 as part of the Finance Supplementary (Amendment) Bill, 2018.
The committee approved the amendments relating to the tobacco industry, import duty on vehicles more than 1800cc engine power, tax deduction exemption for non-filers while doing transaction to the Dam-Fund, bringing the percentage of the tax deduction for non-filers on bank transactions to 0.6%.
News Stories Posted by ARY News Digital Team
